Thursday, 12 August 2010 00:00 By Helen Oji

 

FOLLOWING receipt of 131 applications from those interested in the position of Chief Executive Officer/ Director-General of the Nigerian Stock Exchange (NSE), operators in the market have urged the regulatory authority to ensure that a well qualified person emerges.

To them, the position requires a personality that will leverage on the rules and regulations of the market, with benefit wealth of experience to return the market to profitability from the ruins suffered by investors in the last two years.

According to the General Manager, Lambeth Trust and Investment Company, Mr. David Imafidon, the incoming Director-General must possess the capability to further leverage on the rules to binding the Exchange, have knowledge of the technology that drives NSE’s platform, and other statutory enactments that affects stocks.

The market operator expressed the need to appoint someone that has the managerial acumen to manage and lead the management of the Exchange so as to ensure that the facilities are in good condition at all times.

He added that this would help the Exchange to achieve its purpose in the Nigerian capital market.
“The NSE is the hub around which the stock market revolves and provides the platform for the exchange of shares between the shareholders through their stock brokers while the activities of the exchange are centered on Securities and Exchange Commission’s rules and regulations.

“These rules and regulations bind shareholders and investors to the stockbrokers, as well as the one that bind Stock Exchange to quoted companies. So whoever that is to lead the management of the Exchange must have clear understanding of all these rules and regulations.”

He added: “These rules and regulations can be obtained from the rules of the Exchange the memorandum and articles of association of the stock Exchange, the laws under which the Exchange was established and the amendment thereof, the rules and regulations of SEC, the investment and securities Act and all other statutory enactment that in one way or the other that affect stocks and security business.”

 

Source:Guardian